The European Investment Bank (EIB) has provided €24m in funding to Austria’s F2G Biotech to support the latter’s research and anti-fungal drug development.

EIB is extending the funding under the InnovFin Infectious Diseases Finance Facility (IDFF) supported by Horizon 2020, the EU’s research and innovation programme.

F2G is primarily a research-based company working towards the discovery and development of novel drugs for the treatment of fungal diseases.

The company will predominantly use the proceeds to accelerate the clinical trials of its lead compound ‘Olorofim’, which is used to treat invasive aspergillosis and being developed both as IV and oral formulations.

F2G Biotech CEO Ian Nicholson said: "The funding will allow F2G to continue the development of a new, first-in-class anti-fungal drug for a patient population with very limited treatment options and a high medical need.

"Due to its novel mechanism of action, our lead candidate, Olorofim, is active against drug resistant Aspergillus species and other rare moulds offering potentially life-saving therapy options."

The company developed a new class of anti-fungal agents called the orotomides, which are active against Aspergillus, in addition to other rare and resistant moulds.

The company is currently engaged in a Phase IIb Open Label study focusing on invasive aspergillosis, scedosporiosis and other mould infections.

EIB Austria operations vice-president Andrew McDowell said: "Fungal infection typically affects the immune-compromised patient where mortality rates are often very high.

"Our investment in F2G contributes to fighting Antimicrobial Resistance (AMR), which is an area of significant concern for the scientific medical community."

McDowell noted that the funding will support the development of new drugs in the area of resistant fungi.

IDFF supports companies engaged in the development of innovative vaccines, drugs, medical and diagnostic devices or novel research infrastructures to fight infectious diseases.